Future gazing for NHS pension or Transfer to Local Gov Schem
Discussion
I've 7 odd years of 2008 NHS Pension (unfunded) and I'm about to start a Local Government pension which I believe is funded and invested in the stock market etc. When I was setting up the Local Gov Pension for my new job, the admin person mentioned that there was an opportunity to transfer my NHS Pension to the local Government Scheme. I don't know if this is wise or not.
Obviously I need to speak to an expert, but if I don't know what the possibilities are I can't ask the questions or think through the scenarios I could be facing, like:
Obviously I need to speak to an expert, but if I don't know what the possibilities are I can't ask the questions or think through the scenarios I could be facing, like:
- NHS Pension imploding and Gov lopping off 20% vs. Funded Local Gov. (crystallising value)
- In death benefits - maximising pension to my wife & family
- Early retirement or ill health differences between schemes.
- Would transferring have an effect if I was to re-enter the NHS on a lower paid job.
So 2008 scheme pays out a minimum of 2 years earlier than 2015 which is likely to increase as pensionable age increases too. That's worth preserving.
I may be pessimistic but I personally, don't think that the NHS pensions will be sustainable if they remain unfunded with our contributions going into paying pensioners & general taxation, as I think we will be in the same boat as the pensioners in Greece. There is a surplus of contributions now, but I can't see the taxpayer picking up the tab when so many pensions schemes are failing.
I may be pessimistic but I personally, don't think that the NHS pensions will be sustainable if they remain unfunded with our contributions going into paying pensioners & general taxation, as I think we will be in the same boat as the pensioners in Greece. There is a surplus of contributions now, but I can't see the taxpayer picking up the tab when so many pensions schemes are failing.
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